Titagarh Rail Systems Limited has entered into a joint venture with Sidwal Refrigeration Industries Limited, a material subsidiary of Amber Enterprises India Limited, for foraying into the railway component and subsystem business.
The joint venture will set up a new facility in India to manufacture critical railway components & subsystems used in the manufacture of railway & metro coaches and will also make fresh equity investment in Titagarh Firema SpA, Italy.
The strategic partnership between the companies is expected to complement their respective rolling stock business domestically and also expand it overseas. The transaction envisages an investment of around ₹2.4 billion in the aggregate to be contributed by the parties in equal proportion.
Citadel Law Chambers advised Titagarh Rail Systems on this JV.
The transaction team consisted Ramya Hariharan (Founder), Dipti Srivastava (Principal Associate) and Yashwi Agarwal (Associate).